Step-by-Step Guide to Selling Gold

You’ve seen the commercials: “Turn your old, unwanted, or broken gold jewelry into CASH!” Send them away in the mail and wait for the check…But now, think about how much money was spent for you to see that message. TV advertising is some of the most expensive advertising on the market. Will you REALLY get top dollar for your jewelry?

The Frederick Coin Exchange is consistently one of the areas highest paying gold buyers in the tri-state area. There are no hidden secrets, fees, or magic tricks. Everything is separated, tested, weighed and priced RIGHT IN FRONT OF YOU!

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Below, we will explain exactly what happens when you bring your items to the Frederick Coin Exchange for an offer.

Step 1: Bring your unwanted, old, or broken jewelry to the Frederick Coin Exchange located at 20 N East St in Downtown Frederick, MD (corner of East and Church Streets with large red doors). No need to make an appointment, we are open 10am-6pm Wednesday through Saturday. Click Here for Directions!

Step 2: Any items that you are interested in possibly selling or having appraised can be evaluated by one of our specially trained employees. If there are any items you are unsure about, feel free to bring those along, too!

Step 3: Each item will be carefully sorted based on its gold content (10k, 14k, 18k, 22k, 24k etc). Most items made after 1910 have some sort of marking as to the gold content or ‘Karat.’ We unfortunately do not buy ‘gold filled’ or ‘gold plated’ items, which often times have a very thin layer of gold.

The ‘Karat’ marking on the inside of a wedding band determines the purity of the gold in the item.
Pure gold is 24K, however due to it’s softness, most jewelry is hardened with a foreign metal allowing it to withstand use.
Below is a chart of all of the percentages of gold based on the karat.

To determine these percentages, divide the karat number by 24.
i.e. 14K would be “14 divided by 24″
or .585 which means the gold is 58.5% pure.
We separate your jewelry based on it’s karat

 

Step 4: Some items, such as custom made items, resized rings, items from other countries, or antique items older than 1910, may not have a marking. Frederick Coin Exchange staff members will use electronic gold testers that use electronic resistance to determine the karat value of any items in question. This machine can also determine if an item is gold plated.

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Step 5: We use current New York precious metals prices that are calculated every second. Gold is traded in a similar fashion to tradition stocks.

Step 6: Based on the current gold prices, the purity or ‘karat’ the items, and the weight of your items, we determine the value of your jewelry. We pay at least 75% of ‘melt value’ (calculated using the price of gold, karat & weight) of your items. We make you an offer for each piece you are interested in selling.

Step 7: You decide what items you would like to sell. None of our staff members are on commission. They will never pressure you to sell your items (we have plenty of business).

Step 8: After filling out state forms that get reported to the Frederick Sheriff’s Office, you get paid for your items THE SAME DAY!

Please note: You MUST have a valid state issued ID or Drivers License. Our store policies do NOT allow us to purchase items from anyone under the age of 25 years old.

To determine these percentages, divide the karat number by 24.
i.e. 14K would be “14 divided by 24″
or .585 which means the gold is 58.5% pure.
We separate your jewelry based on it’s karat

Step 4: Some items, such as custom made items, resized rings, items from other countries, or antique items older than 1910, may not have a marking. Frederick Coin Exchange staff members will use electronic gold testers that use electronic resistance to determine the karat value of any items in question. This machine can also determine if an item is gold plated.

[Most Recent Quotes from www.kitco.com]

Step 5: We use current New York precious metals prices that are calculated every second. Gold is traded in a similar fashion to tradition stocks.

Step 6: Based on the current gold prices, the purity or ‘karat’ the items, and the weight of your items, we determine the value of your jewelry. We pay at least 75% of ‘melt value’ (calculated using the price of gold, karat & weight) of your items. We make you an offer for each piece you are interested in selling.

Step 7: You decide what items you would like to sell. None of our staff members are on commission. They will never pressure you to sell your items (we have plenty of business).

Step 8: After filling out state forms that get reported to the Frederick Sheriff’s Office, you get paid for your items THE SAME DAY!

Please note: You MUST have a valid state issued ID or Drivers License. Our store policies do NOT allow us to purchase items from anyone under the age of 25 years old.